Airborne Optronics Market is projected to grow at 11.5% CAGR reaching 3,896 million during 2022-2029 | Size, Share & Forecast

Airborne Optronics Market

The Airborne Optronics Market was valued around USD 1,631 million in 2021 and is expected to reach USD 3,896 million in 2029, growing at a CAGR of 11.5% over the forecast period (2021-2028).

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The factors driving growth of Airborne Optronics Market includes rising fleet of commercial and combat aircrafts, growing deployment of electro-optics in unmanned ariel vehicles, emergence of urban air mobility platforms such as air taxis, air ambulances and personalized air vehicles and improvements in the living standards. According to the report published by Bloomberg, the Global Air Mobility Market was estimated around USD 2.6 billion for 2022 and is estimated to reach USD 28.3 billion by the end of 2030, growing at a CAGR of 34.3% over the forecast period (2022-2030), which will accelerate the Airborne Optronics Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence, next-generation thermal cameras and High Definition (HD) cameras, miniaturization of optoelectronic devices, increasing incidences of conflicts and rapid urbanization, are some of the additional factors supplementing the Airborne Optronics Market share. In addition, the increasing investments by leading players on research and development, rise in the launch of innovative products and growing population growth rates, are further contributing towards the market growth.

However, growth of the Airborne Optronics Market is hindered due to growing risks related to collateral damage.

The major players operating in the market are Lockheed Martin Corporation, Leonardo S.p.A., L3Harris Technologies, Inc., Northrop Grumman, Thales Group, Safran S.A., Hensoldt AG, Collins Aerospace, Teledyne FLIR LLC, and Elbit Systems Ltd., among others.

Based on System, the Surveillance system segment is predicted to grow at a significant CAGR during the forecast period

Increasing application of optronics surveillance systems in small, long-range, and high-altitude UAVs to provide battlefield intelligence, is the major factor pushing growth of the segment.

Based on Application, the Commercial segment is projected to expand at a remarkable CAGR over the forecast period

Increasing application of drones for surveying and aerial imaging and rising adoption of Artificial Intelligence (AI) for preventive maintenance and rapid emergency response, are propelling segment's growth.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Presence of the leading players such as Lockheed Martin Corporation, L3Harris Technologies, Inc. and Northrop Grumman, rapid growth in defense manufacturing, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region. 

Key Developments

In 2021, HENSOLDT partnered with Fraunhofer IOSB in Ettlingen, Germany, with an intent to develop future-proof, robust, and powerful lasers for laser-based countermeasures for self-protection systems and reconnaissance purposes.
In 2021, Elbit Systems Ltd. received a five-year contract worth USD 300 million to deliver HermesTM 900 Unmanned Aircraft Systems. As per the contract, the company will provide its Hermes 900 UAS and associated sub-systems, as well as maintenance and support services.
In 2021, Hensoldt AG and Fraunhofer IOSB in Ettlingen, Germany, signed an agreement to develop future-proof, robust, and powerful lasers for laser-based countermeasures for self-protection systems and reconnaissance purposes.

Market Segmentation

Segmentation by System

Reconnaissance system
Targeting system
Search and track system
Surveillance system
Warning/detection system
Countermeasure system
Navigation and guidance system
Special mission system

Segmentation by Technology

Multispectral
Hyperspectral

Segmentation by Application

Commercial
Military
Space

Segmentation by Aircraft Type

Fixed Wing
Rotary Wing
Urban Air Mobility
Unmanned Aerial Vehicles

Segmentation by End Use

OEM
Aftermarket

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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